Lokal Homes owners David Lemnah, left, and Ryan Lantz speak at the Friday ceremony. (Matt Geiger/BusinessDen)
A Colorado homebuilder hopes to sell its expensive real estate by Sloan’s Lake Park for an affordable price.
In January, Lokal Homes spent $10.4 million for a roughly 1-acre site at the southeast corner of 17th Avenue and Sheridan Boulevard, right on the edge of Denver. The company held a groundbreaking ceremony last week to mark the start of construction on a 67-unit condominium complex there.
A rendering of the condo project displayed at the Friday ceremony. (Matt Geiger/BusinessDen)
Prices on the units, which range from about 500 to 900 square feet, will start in the $400,000s.
“I don’t think anyone would argue — we need lower home prices … The magic is getting there through density,” Lokal co-owner David Lemnah said.
Lemnah emphasized that the first “three or so rungs” of potential homeowners have been “grossly ignored,” in favor of higher-dollar buyers.
Lokal plans to open up sales in the next 30 days, with construction wrapping on the development’s three buildings, each three stories, by late spring or early summer next year. Most units will be one or two bedrooms, but a few studios will be in the mix, too.
Condo development has languished in Colorado, Lemnah said, in large part due to development concern over the potential for lawsuits over construction defects, even if the issue is minor.
David Lemnah of Lokal Homes speaks at a Friday groundbreaking ceremony. (Matt Geiger/BusinessDen)
He called the lack of construction-defect reform the “biggest hindrance” to further building. On average, it costs between $10,000 and $20,000 to insure a single unit, and that’s on top of $50,000 of building permits and associated fees.
In its 12-year run, 63-employee Lokal has built 2,200 homes. As its name suggests, the firm is focused solely on building in the Centennial State. It has developed other projects near Fort Collins, by Denver International Airport, in Castle Rock, Parker and Colorado Springs.
“This is Coloradans doing things for Coloradans,” Lemnah said.
Lokal Homes owners David Lemnah, left, and Ryan Lantz speak at the Friday ceremony. (Matt Geiger/BusinessDen)
A Colorado homebuilder hopes to sell its expensive real estate by Sloan’s Lake Park for an affordable price.
In January, Lokal Homes spent $10.4 million for a roughly 1-acre site at the southeast corner of 17th Avenue and Sheridan Boulevard, right on the edge of Denver. The company held a groundbreaking ceremony last week to mark the start of construction on a 67-unit condominium complex there.
A rendering of the condo project displayed at the Friday ceremony. (Matt Geiger/BusinessDen)
Prices on the units, which range from about 500 to 900 square feet, will start in the $400,000s.
“I don’t think anyone would argue — we need lower home prices … The magic is getting there through density,” Lokal co-owner David Lemnah said.
Lemnah emphasized that the first “three or so rungs” of potential homeowners have been “grossly ignored,” in favor of higher-dollar buyers.
Lokal plans to open up sales in the next 30 days, with construction wrapping on the development’s three buildings, each three stories, by late spring or early summer next year. Most units will be one or two bedrooms, but a few studios will be in the mix, too.
Condo development has languished in Colorado, Lemnah said, in large part due to development concern over the potential for lawsuits over construction defects, even if the issue is minor.
David Lemnah of Lokal Homes speaks at a Friday groundbreaking ceremony. (Matt Geiger/BusinessDen)
He called the lack of construction-defect reform the “biggest hindrance” to further building. On average, it costs between $10,000 and $20,000 to insure a single unit, and that’s on top of $50,000 of building permits and associated fees.
In its 12-year run, 63-employee Lokal has built 2,200 homes. As its name suggests, the firm is focused solely on building in the Centennial State. It has developed other projects near Fort Collins, by Denver International Airport, in Castle Rock, Parker and Colorado Springs.
“This is Coloradans doing things for Coloradans,” Lemnah said.
